Markets in Canada and the US were closed yesterday for the Labor Day long weekend.
- MATIF wheat December contract up €0.25 per tonne to €188.50;
- MATIF rapeseed Nov contract down €0.25/t to €384.25;
- Brent crude November contract down US$0.65 per barrel to $42.01;
- AUD firmer at $0.728;
- CAD firmer at $1.309;
- EUR weaker at $1.182.
The public holiday yesterday in North America has kept markets quiet, and attention has fixed on USDA World Agricultural Supply and Demand Estimates report for September due out Friday. This will be interesting, given the export pace in both corn and soybeans, along with falling crop conditions into the end of the growing season. ABARES quarterly report was released overnight with its 2020-21 estimates all revised up from the initial forecasts released in June, with new-crop Australian wheat now seen at 28.9 million tonnes (Mt), barley at 11.2Mt and canola at 3.4Mt.
Local prices started the week relatively unchanged from last week. Hot windy conditions hit most parts of South Australia yesterday, with temperatures reaching either side of 30 degrees Celsius through the Upper Eyre Peninsula. Conditions like that will draw down on subsoil moisture before temperatures rise and fall again into the high teens by the weekend. Forecasts are predicting a rain event which will bring 5-15 millimetres to most cropping areas around 12-15 September.
Source: Lachstock Consulting